National Grid to invest £35bn over next five years

National Grid is planning to invest a record £35bn over the five years to 2031 on upgrading and extending the transmission network.

Setting out details of the record investment plan this morning, National Grid said it would invest over £11bn to maintain and upgrade existing networks, alongside construction works for the first three of its Accelerated Strategic Transmission Investment (ASTI) projects where project assessments have been approved.

A further £24bn will be directed at a further pipeline of investment, which includes around £15bn to increase network capacity, most of which covers another 14 ASTI projects.

The RIIO-T3 plan will now go to energy regulator Ofgem for sign-off late next year.

John Pettigrew, CEO of National Grid, said: “This plan represents the most significant step forward in the electricity network that we’ve seen in a generation.

“Through it we will nearly double the amount of energy that can be transported around the country, support the electrification of the industries of today and tomorrow; create new jobs; and support inward investment for the UK.

“It is an ambitious plan, set to future proof the network with strategic capacity and flexibility for the longer term. We’ve laid the foundations for its delivery through the steps we’ve already taken to progress ASTI projects, secure the supply chain, and fund the wider Group. We have done this whilst keeping a relentless focus on consumer bills and affordability.

It is now critical that Ofgem plays its part in developing an investable framework that will allow us to deliver at the unprecedented scale and pace that is needed to meet the UK’s ambitious climate goals.“